This is the very first weekly digest for cryptos and related financial news. The news this digest covers comes from the investor's point of view and what an investor can expect from the market in the upcoming week. This digest is not an archive of news from the last week but an analysis of news and the outcomes that the news can bring in the coming week. I do not intend to give any investing advice, but I plan to make you a known investor. No chart analysis, no cumbersome patterns or indicators, only words - enough to land you a put/call.
The fuzz around the HMSTR token got its clearance on 26 September. It is listed on Binance for spot trade at the moment. The fuzz was about how HMSTR increased its token supply from 10 Billion to 100 Billion, causing a degrading effect on the price of the token. Token holders who accumulated tokens via HMSTR web games suffered the most. Several users reported that 6 months of their time playing the game earned them only 10-15$ when the token was listed.
This eroded the trust of many HMSTR token holder and a mass online protest against HMSTR is forming that includes unsubscribing their channel, censoring the comment section of their tweets, disliking videos, etc.
I understand what such people must be feeling at the moment but they need to understand that rug-pull is still a reality and it can happen at any level. Just because a coin community has a strong presence in the market or has a very well PR strategy, doesn't mean that the coin is going to give their expected ROI.
As BTC is nearing its $67k mark breaking the resistance at $65K, I can see a lot of happy faces concluding as the start of a bull run. At this moment, the fear-greed index is sitting at 64% marking the greed sentiments in the market. This is where the greed takes a U-turn and becomes the fear for the newcomers or small investors. 54% gambling their luck on short and 46% being optimistic on longs.
Doge hits the $0.13 mark and is about to test the resistance let's see where it goes. For BTC I believe the coming month will be an accumulation phase. Don't be greedy but fill your pockets.
A few days back I saw HBD trading at $0.91, this gave me UST vibes. De-pegging to such a serious level makes me concerned about the Hive market. As for Hive, I see a good volume and the price reached the $0.24 mark about 2-3 days ago, but as of now the price is back at the $0.21 mark and looks in a downtrend. I hope the Hive coin price recovers quickly and gets on an uptrend as other coins look confident but not the Hive.
Also, the Hive coin appeared in the looser section of Binance showing a negative 9% change within a day.
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Israel launched a fierce attack on Beirut city causing huge damage and casualties. Today, in the UN General Assembly, PM Netanyahu remarked that his army is going to win over the terrorism and the terror nexus of Iran, Iraq, and Syria. We will have to see how it affects the price of Bitcoin and the overall crypto market.
That's all the headlines for this week. See you in October. Go Green.
